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Vericel Corporation, a commercial-stage biopharmaceutical company, engages in the research, development, manufacture, and distribution of cellular therapies and specialty biologic products for sports medicine and severe burn care markets in North America. The company markets autologous cell therapy products comprising MACI, an autologous cultured chondrocytes on porcine collagen membrane for the repair of symptomatic, and single or multiple full-thickness cartilage defects of the knee; Epicel, a permanent skin replacement humanitarian use device for the treatment of adult and pediatric patients with deep-dermal or full-thickness burns; and NexoBrid, a biological orphan product for eschar removal in adults and pediatric patients with deep partial-thickness and/or full-thickness thermal burns. Vericel Corporation was formerly known as Aastrom Biosciences, Inc. and changed its name to Vericel Corporation in November 2014. The company was incorporated in 1989 and is headquartered in Cambridge, Massachusetts.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $276M | $30M | $17M | $25M | 4.7% | 16.5% | 59.4% |
| 2024 | $237M | $17M | $10M | $-6M | 3.5% | 20.1% | -425.6% |
| 2023 | $198M | $3M | $-3M | $8M | -1.4% | 20.2% | -81.0% |
| 2022 | $164M | $-12M | $-17M | $10M | -8.7% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 164.36 | 197.52 | 237.22 | 276.26 |
| Operating Revenue | - | 163.70 | 197.52 | 237.22 | 276.26 |
| Cost Of Revenue | - | 54.58 | 61.94 | 65.12 | 70.66 |
| Gross Profit | - | 109.79 | 135.58 | 172.11 | 205.60 |
| Operating Expense | - | 126.85 | 142.04 | 167.59 | 194.56 |
| Research And Development | - | 19.94 | 21.04 | 24.80 | 27.56 |
| Selling General And Administration | - | 106.90 | 121 | 142.79 | 166.99 |
| Total Expenses | - | 181.42 | 203.98 | 232.70 | 265.21 |
| Operating Income | - | -17.06 | -6.46 | 4.52 | 11.04 |
| Total Operating Income As Reported | - | -17.06 | -6.46 | 4.52 | 11.04 |
| EBITDA | - | -11.64 | 2.86 | 16.63 | 29.55 |
| Normalized EBITDA | - | -11.64 | 2.86 | 16.63 | 29.55 |
| EBIT | - | -15.62 | -1.77 | 11.12 | 18.01 |
| Interest Income | - | 1.34 | 4.63 | 6.41 | 7.01 |
| Interest Expense | - | 0.37 | 0.60 | 0.61 | 0.63 |
| Net Interest Income | - | 0.98 | 4.03 | 5.80 | 6.38 |
| Other Non Operating Income Expenses | - | 0.10 | 0.06 | 0.20 | -0.04 |
| Other Income Expense | - | 0.10 | 0.06 | 0.20 | -0.04 |
| Interest Income Non Operating | - | 1.34 | 4.63 | 6.41 | 7.01 |
| Interest Expense Non Operating | - | 0.37 | 0.60 | 0.61 | 0.63 |
| Net Non Operating Interest Income Expense | - | 0.98 | 4.03 | 5.80 | 6.38 |
| Pretax Income | - | -15.99 | -2.37 | 10.51 | 17.38 |
| Tax Provision | - | 0.72 | 0.81 | 0.15 | 0.86 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -16.71 | -3.18 | 10.36 | 16.52 |
| Net Income From Continuing And Discontinued Operation | - | -16.71 | -3.18 | 10.36 | 16.52 |
| Net Income From Continuing Operation Net Minority Interest | - | -16.71 | -3.18 | 10.36 | 16.52 |
| Net Income | - | -16.71 | -3.18 | 10.36 | 16.52 |
| Net Income Common Stockholders | - | -16.71 | -3.18 | 10.36 | 16.52 |
| Net Income Including Noncontrolling Interests | - | -16.71 | -3.18 | 10.36 | 16.52 |
| Normalized Income | - | -16.71 | -3.18 | 10.36 | 16.52 |
| Diluted NI Availto Com Stockholders | - | -16.71 | -3.18 | 10.36 | 16.52 |
| Basic Average Shares | - | 47.13 | 47.59 | 48.85 | 50.34 |
| Diluted Average Shares | - | 47.13 | 47.59 | 51.68 | 52.15 |
| Reconciled Depreciation | - | 3.98 | 4.63 | 5.50 | 11.54 |
| Reconciled Cost Of Revenue | - | 54.58 | 61.94 | 65.12 | 70.66 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Vericel Corporationthis co. | VCEL | $1.8B | 110.33 | 5.14 | 4.7% | 60.29 |
| Zymeworks Inc. | ZYME | $1.8B | -22.76 | 6.88 | -30.2% | -22.40 |
| Maravai LifeSciences Holdings, Inc. | MRVI | $1.8B | -14.08 | 8.67 | -61.6% | -13.48 |
| Pediatrix Medical Group, Inc. | MD | $1.8B | 11.11 | 2.12 | 19.1% | 7.64 |
| Viridian Therapeutics, Inc. | VRDN | $1.8B |
| - |
| - |
| - |
| - |
| - |
| -5.34 |
| 3.10 |
| -58.1% |
| -4.95 |
| ANI Pharmaceuticals, Inc. | ANIP | $1.8B | 22.99 | 3.33 | 14.5% | 10.29 |
| Nuvation Bio Inc. | NUVB | $1.8B | -8.80 | 5.89 | -66.9% | -8.95 |
| Rapport Therapeutics, Inc. | RAPP | $1.8B | - | -178.20 | -23.0% | - |
| Surgery Partners, Inc. | SGRY | $1.8B | -22.97 | 1.04 | -4.5% | 9.86 |
| Peer Median | - | -8.80 | 3.22 | -26.6% | -4.95 | |